After analyzing homeowners' insurance data, the Insurance Information Institute (I.I.I.) determined that the cost of homeowners' claims for damages stemming from lightning strikes has increased by 28 percent over the last four years. The non-profit agency found there were more than 177,000 lightning claims in 2007, causing nearly $1 billion in insured losses. The I.I.I. puts the current average lightening-related claim at $5,321, a leap from the 2006 average of $3,446, which was based on 256,000 lighting claims causing more than $880 million in insured losses.

In terms of quantity, claims fell by nearly 36 percent. However, the average cost per claim doubled between 2004 and 2007.

“The average cost per claim continues to rise, in part because of the explosion in the number and value of consumer electronics in homes,” said Loretta Worters, vice president of the I.I.I. “Widescreen TVs, home entertainment centers, multiple computer households, gaming systems, and other expensive devices are significantly impacting claim losses.”

Worters noted that given this year's record tornado activity and the fact that tornadoes are usually accompanied by severe thunderstorms, it is likely that the number of such claims will increase substantially in 2008.

Standard homeowners' and business insurance policies cover damages inflicted by lightning, such as fire. Some policies also provide coverage for power surges that are the direct result of lightning striking a home or a business. The comprehensive portion of an auto insurance policy may cover this type of damage as well.

A chart detailing homeowners' insurance claims and payouts for losses related to lightening can be accessed here.

Interested in more catastrophe news and in-depth articles? Head over to Claims' catastrophe channel for more information.

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Lightning Losses Mount

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